For
the first time in nearly two generations, New York City is climbing out of
a recession without its longtime economic engine – Wall Street – leading the
way. Last year, we added more than 33,000 jobs in the private sector, even
as hiring in the financial area continued to lag. Today, more New Yorkers
have jobs than at any time since before 9/11.

So how has this happened?
One word: Diversity. By diversifying our economy – by encouraging development
in all industries – we’ve reduced our dependency on the fortunes and failures
of Wall Street. That’s an essential part of our five-borough strategy for
creating new jobs and opportunity in the 21st Century.

Earlier last week, for
instance, we launched a $26 million effort to revive our industrial sector,
which was for decades New York’s largest employer. Today’s manufacturing,
warehousing and industrial businesses may be smaller and more specialized
than their predecessors, but they still play an important role in our city
– generating $1.7 billion in annual tax revenues, and providing a good way
of life for more than half a million New Yorkers.

To protect these jobs
and businesses, we plan to establish more than a dozen industrial zones around
the city that will create safe, clean, and attractive places to conduct business.
Industrial businesses that relocate to these zones will be eligible for tax
incentives. We also guarantee that these areas will not be re-zoned for any
other purpose. That should help alleviate the real estate uncertainty that
has plagued our industrial business owners – nearly two-thirds of whom rent
their facilities.

Perhaps the biggest factor
behind New York’s resurging economy is a tourism and hospitality industry
that is soaring. Last year, a record 39.6 million people visited our city,
spending more than $15 billion in our hotels, restaurants, shops, and world-famous
cultural attractions. And for the first time since 9/11, the number of international
visitors increased.

Keeping New York a premier
destination for sightseers and business travelers requires a commitment to
tourism in all five boroughs – not just Manhattan. A few days ago, I was in
Downtown Brooklyn to celebrate the start of a huge expansion project at the
Marriott Hotel. It’s one of the most successful Marriotts on the East Coast
largely because Downtown Brooklyn and the surrounding neighborhoods have taken
enormous steps to enhance their commercial and cultural spaces. We want to
emulate that kind of success in all five boroughs – ensuring a stronger tourism
industry, and a stronger, more diverse economy overall.

For decades, our city’s
fortunes have been intimately tied to the performance of Wall Street, which
is so susceptible to steep highs and sudden lows. Our commitment to diversify
our economic base liberates us from these potentially dramatic swings. And
by investing in other industries – which are not fixed to Manhattan – we’re
spreading economic opportunity to the other four boroughs and creating a brighter
future for all New Yorkers.